Has anyone here been able to recover from career setbacks caused by Dot Com, 9-11, or Great Recession economy? Just turned 40 with 15 years of relevant industry experience, and my Big 4 employer brought me in at a level designed for 25 year-olds. Career progression is apparently based on time in role rather than performance, so I’ll have to spend 8 years climbing back to the level I was at pre-recession. Is there another way, or is my career stuck in neutral?

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It can be done.
16 years ago I was dead broke after burning through all of my savings and a lot of home equity trying to keep my startup afloat. Stopped throwing good money after bad, got back on the Consulting train and never looked back. B4 partner now, and while I’ll not accumulate as much wealth as those who made Partner at 40, I’ll come out of it just fine.

You may find that your experience will help you move more quickly up the ranks than the youngsters. Stay focused and don’t let you ego get in the way, as hard as that is to do.

Best of luck. Rooting for you.

likeuplifting

...and greatly blessed by lots of luck/ right place at the right time.
But as Seneca said: luck is when preparation meets opportunity.
Don’t underweight your previous experience. You’d be surprised what weird nugget can come in handy wholly unexpected.

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Same boat. Depends on how badly you want "it", compensation and general love of the job. Just remember that your career must always move forward if there is opportunity to do so. I can't tell from your post but suggest you map out what your career goals and see how they mesh with the track at this firm. If there is no commonality, you have a decision to make. Even if you have to reinvent yourself, make sure there is a path forward. This is coming from someone who has done it 3x so far.

likehelpful

I'm in the same situation. Had to reinvent myself post 2008. Lost my business and went back to school. It's tough completing what 20 and 30 year olds. Past experience isn't accounted for and even my MBA isn't taken into consideration.

I'll never climb up to where I should and have had to accept that. I always wonder if I'd went back to the industry I was in, before I went into business, would I be more successful.

helpful

Just remember to celebrate others success while you succeed. That’s what exp people do.

Lost my job after 9/11, went almost a year looking, but was accepted by ACN and spent almost 15 years there and was able to rebuild my life (and savings).

It’s so hard starting over and working to be at minimum Senior again. Sigh

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